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A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

Steelcase Posts Q2 Results

Saturday 26 September 2009

Steelcase Inc.said it reported a break-even net income for the second quarter of fiscal 2010 compared with a net income of $31.4 million or $0.23 per share in the prior year period.

Revenues for the quarter declined to $578.1 million from $901.8 million in the comparable period. On average, 3 analysts polled by Thomson Reuters expected the company to report revenues of $597.27 million for the quarter.

Operating loss for the quarter was $1.0 million compared with a profit of $46.0 million in the previous year.
The company expects third-quarter fiscal 2010 revenue of approximate $600 million, compared with $811.3 million in the prior year, which marked the beginning of the current downturn in our industry. The revenue estimate includes an assumption of approximately $9 million of favorable currency translation effects as compared to the prior year. Analysts estimate revenues of $613.63 million for the quarter.